Market conditions are challenging for law firms.
Many are not growing.
NatWest suggest average growth in small and medium firms of 4% in 2015.
The economy is growing. The north is receiving investment. There are cranes in the sky. Devolution is benefitting the local economy. The Northern Powerhouse is here. So why are law firms not growing strongly?
My view is that they have not yet changed what they do or how they do it. Firms are falling behind the change curve and risk becoming irrelevant.
Law firms across the north saw a four per cent rise in fee income last year, but should expect tougher conditions in 2016 according to NatWest’s latest Legal Benchmarking Report.